Dexcom (NASDAQ:DXCM) on Tuesday announced that its new over-the-counter continuous glucose monitor called Stelo has been cleared for use by the U.S. Food and Drug Administration, and it will be available for purchase online this summer.
Continuous glucose monitors, or CGMs, are small sensors that poke through the skin to track glucose levels in real time. They are primarily used by patients with diabetes since the information is wirelessly sent to a smartphone, which can help alert users, their families and their doctors to emergencies.
Dexcom’s new CGM is designed for patients with Type 2 diabetes who do not use insulin, and it is the first glucose biosensor that does not require a prescription, according to a release Tuesday. This means Stelo will be accessible to people who do not have insurance coverage for CGMs, Dexcom said.
Dexcom’s release points out that there are more than 25 million Type 2 diabetes patients in the U.S. that do not use insulin, according to the release from Dexcom. While Dexcom’s existing G7 CGM system is available to this population, patients have to get a prescription for it. As a result, it’s not easily accessible to all Type 2 patients.
DXCM shares began Wednesday ahead $5.26, or 4.3%, to $57.72.
